Salary Calculator for Employers
Being able to offer a competitive salary or hourly wage is an essential part of expanding your team of employees. But let’s face it – calculating wages can be quite difficult without the right tools. The good news is that Authentic Jobs has a salary calculator that you can use to calculate wages for employees of all types. So, whether you’re a company owner or an HR professional, bookmark this page! This salary calculator will surely become an integral part of your business.
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Enter the following information to calculate your annual salary.
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What is a salary?
A salary can be defined as a fixed amount of money that a company agrees to pay an employee in exchange for their labor and services over a specified period of time – usually an annual or monthly basis. Salaries are typically impacted by a candidate’s career experience, educational background, and the market demand for the specific job that an organization is hiring for.
Common Factors that Impact a Person’s Salary
Credentials: Companies often look for advanced degrees, professional certifications, licenses, and other ways of verifying that candidates have the skills necessary to move the company forward. And while many are flexible on this, it does impact how the salary offerings are given to many candidates.
Work Experience: Earning experience in any industry takes time. And while there is always room for new professionals entering any field, work experience undoubtedly impacts the amount of money and the employee benefits once offered for labor and services.
Job Role: The role that an organization is hiring for and the tasks it requires will vary tremendously, depending on the company’s needs and its budget for a new hire.
Industry and Location: Variances in industries and geographic locations will always impact the salary or wages offered for a specific role. For example, computer programmers who live in New York or work remotely may be offered a higher salary than a computer programmer who is stationed in Idaho, simply because of the market demand.
What is a wage?
When the term wage is used, folks are often referring to the payment or compensation a company provides to employees for their labor and services, often calculated on an hourly or daily basis (as opposed to an annual basis). Wages are impacted by a variety of factors.
Unlike a salary, which is a fixed amount of money, a wage can often be based on the number of hours someone works. For instance, if an individual is compensated a wage of $20 an hour and works 25 hours a week, their pre-tax earnings would be $500.
20 (hourly earnings) x 25 (total hours worked weekly) = 500 before taxes, which are determined by the US Department of Labor along with the payday frequency requirements for each state in the United States of America.
Common Pay Frequencies
Daily: a wage paid every day, usually at the completion of tasks or the end of the working day.
Weekly: compensation that is given once per week.
Bi-weekly: pay that is given at a frequency of every two weeks.
Semi-monthly: compensation that is given once per month, usually at the beginning and middle of each month although this can vary depending on the company and state regulations.
Monthly: pay that is given once per month.